California Proposition 1 Would Fund $11.25 Billion in Affordable Housing Programs

California voters will consider a ballot measure authorizing $11.25 billion in state bonds for affordable housing programs. The funding would support multifamily rental units, homeownership assistance, veteran housing, supportive housing, affordable student housing, tribal housing and farmworker housing. The measure is expected to help develop up to 40,000 multifamily rental units and assist another 40,000 households with purchasing homes. State bond repayment could cost $500 million to $600 million annually for about 25 years.